Qualtrics, leader and pioneer in customer and employee experience management, updates CoreXM to help businesses turn insights into intentional and purposeful actions that drive revenue growth, profitability, and employee retention.
Two decades after Joseph Pine and James Gilmore first introduced the concept of ‘The Experience Economy’ and customer experience management, we are now seeing the clear and rapid shift from competing on goods and services to competing on experiences. And with the current economic environment impacted by the ongoing COVID-19 crisis, the importance of this concept has never been more relevant for businesses.
But the idea of leveraging experience management to drive business success doesn’t stop with customers—employee experience must be optimized too. It’s important to note that companies that deliver great employee experiences tend to deliver exceptional customer experiences as well. It’s no secret: happy employees create happy customers. Employees are the lifeblood of a business and a company’s direct link to its customers.
According to a new report by the Qualtrics XM Institute that surveyed 1,200 executives from eight different countries (Australia, Canada, France, Germany, Japan, Singapore, the U.K., and the U.S.), companies with the strongest customer and employee experience management also had the strongest business results. Moreover, 89% of respondents who rated their experience management performance above average for their industry said that their revenue growth was better than industry competition in the previous year.
The study further reports that more than half of respondents stated that improving their customer and employee experience capabilities over the next three years is a top priority for their organizations. However, these organizations also face significant obstacles to XM success: 75% of respondents across all eight countries reported disparate systems for collecting feedback and application of customer and employee insights, while nearly every country identified technology limitations as a significant obstacle to their XM transformation goals.
Qualtrics, in a bid to help organizations overcome these obstacles, has further developed the innovative capabilities of its foundational platform—Qualtrics CoreXM. With the latest developments, organizations will be better at gathering feedback, empowering employees, turning insights into meaningful actions, and scaling XM across the business to accelerate XM transformation.
The new innovative capabilities include:
Expanded Listening Platform
Identifying potential problems and closing more experience gaps is now easier with the power of CoreXM listening platform’s new capabilities. Customer and employee experience data (X-data) can be gathered across 125 channels such as social media, review websites, forums, IoT-connected devices, ticketing notes, emails and many more.
Additionally, the Qualtrics Partner Network (QPN) increases the reach of feedback that can be brought into the listening platform. Experience management solutions from partners expand the availability and accessibility of unique and scalable XM technology for Qualtrics customers.
XM Automated Actions
With the new Qualtrics XM Automation Actions, organizations can effectively and quickly respond to experience failures in real-time. Automating more than 40 actions like raising tickets, sending alerts, creating notifications, sharing results, sending incentive rewards, and importing contacts are made possible with this new set of workflow capabilities that span any project on the CoreXM platform.
The no-code, drag-and-drop automation platform can be integrated with other business processes like CRM, ticketing, and marketing automation systems as well. XM Automation Actions supports integrations with popular systems like Salesforce, Microsoft Dynamics, Slack, Zendesk, Rybbon, ServiceNow, Marketo, Jira and more.
More Intelligence and Analytics
To help businesses run statistical calculations better and see at a glance relevant trends in the customer and employee experience pipelines, Qualtrics has brought together its Text iQ and Stats iQ technologies. Merging Text iQ‘s ability to identify sentiment and Stats iQ’s statistics analytics capabilities allows organizations to bring quantitative data and open text topics together and dig deeper to get to the root cause of any issues.
Custom XM Solutions
In addition to these upgraded capabilities, Qualtrics also announced the general availability of Custom XM Solutions that allow organizations to build private, curated, fully automated custom solutions for specific use cases.
An example of this are the custom-built COVID-19 free-to-access XM platforms developed by Qualtrics to help businesses, governments, healthcare agencies, and educational institutions during the crisis.